Hell no! He did exactly what he was supposed to do. He reported it to a higher official, and they told him that they took care of it. He also wasn't even sure it was going on. Someone just told him that he thought something was happening.
I have given Paterno's involvement or non-involvement in this scandalous situation much thought. I watched the news when it first broke in the news, and I watched the show his wife was involved in also. To this point, there is not enough public knowledge of what really occurred to make an informed decision on what he knew or was involved in. However, from what I've been able to figure out, he was stripped of his titles and fired before the evidence was collected that would have proven his involvement or non-involvement. I am very much of the mind that child molesters and those who cover up or enable them should be equally punished; however, such a terrible accusation needs to be thoroughly investigated before a man with Paterno's history is fired from his job. If he knew, he should have been fired and all his honors removed, but if he was innocent, he was done a great injustice that can not now be redressed.